JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Freshworks (NASDAQ:FRSH) Stock

Freshworks (NASDAQ:FRSH) had its target price increased by equities research analysts at JPMorgan Chase & Co. from $17.00 to $20.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 19.62% from the stock’s current price.

A number of other analysts have also recently weighed in on the company. Scotiabank lowered their price objective on Freshworks from $18.00 to $16.00 and set a “sector perform” rating for the company in a research report on Wednesday, July 31st. Jefferies Financial Group decreased their price objective on Freshworks from $25.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Cantor Fitzgerald cut their price objective on Freshworks from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. Needham & Company LLC reissued a “buy” rating and set a $20.00 target price on shares of Freshworks in a research note on Thursday. Finally, Canaccord Genuity Group upped their price target on Freshworks from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.69.

Freshworks Price Performance

Shares of NASDAQ:FRSH traded up $3.63 during trading on Thursday, hitting $16.72. 8,569,795 shares of the company’s stock were exchanged, compared to its average volume of 2,714,785. Freshworks has a 52-week low of $10.81 and a 52-week high of $24.98. The business’s 50-day simple moving average is $11.45 and its 200 day simple moving average is $12.60. The company has a market cap of $5.05 billion, a price-to-earnings ratio of -47.54 and a beta of 0.72.

Freshworks (NASDAQ:FRSH) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. Freshworks had a negative return on equity of 9.08% and a negative net margin of 15.72%. The firm had revenue of $186.58 million during the quarter, compared to analyst estimates of $181.50 million. On average, sell-side analysts anticipate that Freshworks will post -0.38 EPS for the current fiscal year.

Insider Activity

In related news, Director Roxanne S. Austin sold 6,303 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $11.22, for a total value of $70,719.66. Following the completion of the sale, the director now directly owns 223,106 shares of the company’s stock, valued at $2,503,249.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Zachary Nelson sold 8,433 shares of the firm’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $12.19, for a total transaction of $102,798.27. Following the sale, the director now owns 23,497 shares in the company, valued at $286,428.43. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Roxanne S. Austin sold 6,303 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $11.22, for a total value of $70,719.66. Following the sale, the director now owns 223,106 shares in the company, valued at $2,503,249.32. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,456 shares of company stock worth $530,102. 19.15% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Blue Trust Inc. increased its position in shares of Freshworks by 1,987.3% during the third quarter. Blue Trust Inc. now owns 2,964 shares of the company’s stock worth $38,000 after acquiring an additional 2,822 shares during the last quarter. Covestor Ltd boosted its position in shares of Freshworks by 89.9% during the third quarter. Covestor Ltd now owns 3,599 shares of the company’s stock worth $41,000 after buying an additional 1,704 shares during the period. CWM LLC lifted its position in Freshworks by 554.5% in the second quarter. CWM LLC now owns 3,397 shares of the company’s stock worth $43,000 after purchasing an additional 2,878 shares during the period. Advisors Asset Management Inc. lifted its position in Freshworks by 34.2% in the first quarter. Advisors Asset Management Inc. now owns 2,971 shares of the company’s stock worth $54,000 after purchasing an additional 757 shares during the period. Finally, Quarry LP lifted its position in Freshworks by 157.6% in the second quarter. Quarry LP now owns 4,323 shares of the company’s stock worth $55,000 after purchasing an additional 2,645 shares during the period. Institutional investors and hedge funds own 75.58% of the company’s stock.

Freshworks Company Profile

Freshworks Inc, a software development company, provides software-as-a-service products worldwide. It offers Freshworks Customer Service Suite, which provides automated, personalized self-service on various channels, including web, chat, mobile messaging, email, and social; Freshdesk, a ticketing-centric customer service solution; Freshsuccess, a customer success solution; and Freshchat that provides agents with a modern conversational experience to proactively engage customers across digital messaging channels.